Argentina Says Five Groups Submit Bids for $4.9 Billion Dam Projects

BUENOS AIRES--Five international consortia have submitted bids for the 24.3 billion peso ($4.9 billion) construction of two dams in the Argentine province of Santa Cruz, the South American country's planning ministry said Wednesday.

The government did not say when the contract would be awarded, but the contractors have until Feb. 21 to show that they have secured financing for up to half of the construction cost.

Bidders for the project included China Gezhouba Group Corp. (600068.SH) in tandem with Argentina's Electroingenieria SA; Brazil's Odebrecht SA together with Argentina's Industrias Metalurgicas Pescarmona SA, or Impsa; Brazil's OAS SA with Hyundai Engineering and Construction Co. Ltd (000720.SE) and Argentina's Sociedad Comercial del Plata (COME.BA); Argentina's Helport SA from the Eurnekian family group together with Spain's Isolux Corsan; and China's Sinohydro Corp. in tandem with Argentina's IECSA SA, Planning Minister Julio de Vido said Wednesday.

Companies bidding on the project must have a local partner with at least a 30% stake.

The government says the two dams will have the capacity to generate 5,000 gigawatt hours per year following a five-year construction period.

The dam projects, first announced in 2008, will be named after two former Santa Cruz governors, including Argentine President Cristina Kirchner's late husband and predecessor in office, Nestor Kirchner.

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